Joliet plans to move forward with a Tax Increment Financing District for Rock Run Crossings in January after a long-delayed public hearing was completed this week.
No one came to speak at the public hearing Tuesday, although the TIF project had faced objections from three of the 14 taxing bodies that would give up new property tax revenue to incentivize development.
The City Council is not likely to vote on the TIF District until the new year.
"What we're proposing is waiting until the first meeting in January so we have a full year of construction potential," interim City Manager Jim Hock told the City Council Tuesday after the public hearing.
The TIF District would use property tax revenue to offset development costs. While it would be in effect for 23 years, the city wants the first year to include a full construction season.
Hock said TIF incentives would be used to offset infrastructure costs for the site, including improved interstate access and the road network to be built for Rock Run Crossings. The project would be developed in the northeast corner of the crossing of Interstates 55 and 80.
Cullinan Properties plans to build a mixed-use development with retail, restaurants, entertainment venues, hotels, residences and offices on the site.
TIF Districts make new property tax revenue created by land development available to offset costs.
The TIF study done for the city estimates that the Cullinan project would increase the equalized assessed value of the site from the 2018 level of $207,000 to $81 million when the TIF expires in 2044.